HomeMy WebLinkAboutSummary FormAGENDA ITEM
Date: Ji12006
SUMMARY FORM
25 PH
.16
Requesting Department: Community Development
Commission Meeting Dane: 5/ 1/200e District Impacted:
Type; El Resolution [J Ordinance ❑ Emergency Ordinance Discussion Item
❑ Other
Subject: RQCKWOQISPROPER '1iT$
Purpose of Item:
RESCINDING RESOLUTION 05-0423 RELATING TO THE CONVEYANCE OF LAND, LEGALLY
DESCRIBED IN EXHIBIT "A" , (THE "PROPERTY"), TO ROCKWOOD PROPERTIES, LLC , FOR
THE DEVELOPMENT OF FORTY (40) SINGLE FAMILY AFFORDABLE UNITS FOR ELIGIBLE
LOW INCOME PERSONS ( THE "PROJECT"); TERMINATING THE PURCHASE AND SALE
AGREEMENT, DATED NOVEMBER 17, 2005, BETWEEN THE CITY AND ROCKWOOD, ANO ALL
RELATED DOCUMENTS, RELATING TO SUCH PROPERTY AND PROJECT; AUTHORIZING A
PAYMENT TO ROCKWOOD IN THE AMOUNT OF $325,000 FROM PROJECT BUDGET IN
REIMBURSEMENT OF COSTS EXPENDED IN CONNECTION WITH THE PROJECT,
CONDITIONED UPON THE CITY'$ RECEIPT FROM ROCKWOOD OF A GENERAL RELEASE
AND SUCH OTHER DOCUMENTS AS MAY BE REQUIRED BY THE CITY ATTORNEY, ALL SUCH
DOCUMENTS TO BE 1N A FORM ACCEPTABLE TO THE CITY ATTORNEY: REQUIRING THAT
ANY FUTURE CONVEYANCE OF THE PROPERTY BE CONDITIONED UPON THE
DEVELOPER/GRANTEE'S ASSUMPTION AND REPAYMENT TO THE CITY OF THE CITY'S
TOTAL INVESTMENT IN THE PROJECT AND THE PROPERTY
Background Information:
SEE ATTACHED
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Protect No:
Is this item funded by Homeland Defense/Neighborhood improvement Bonds?
Start Up Capital Cost
Maintenance Cost
Total Fiscal IrnpaWAIRrAmeiTA
Dept. Di
Chie
Final_ Approvals
AND DA
-v. - ' rpt)
City Manager,
TOTAL P.01
AGENDA SUMMARY ATTACHMENT
ROCKWOOD PROPERTIES
BACKGROUND INFORMATION
• Pursuant to Resolution No. 05-0423, adopted July 7, 2005 the City Commission
approved the conveyance of certain parcels of land, as described in Exhibit "A" (
the "Property"), to Rockwood Properties, LLC ("Rockwood"), for the development
of forty (40) single family affordable units, twenty-one (21), to be subsidized by
the City of Miami for low income persons (the "Project");
• Due to lack of Project financing and feasibility, the Administration and Rockwood
have agreed to terminate the Purchase and Sale Agreement, dated November
17, 2005, between the City and Rockwood, and all related documents, relating
to such Property and Project;
• Rockwood and B.A.M.E. (the prior owner/developer of the Project) have incurred
$1,650,506.60 in costs in connection with the Project; and
• It is in the best interests of the City to condition any future conveyance of the
Property upon the developer/grantee's assumption and repayment to the City of
the City's total investment in the Project and the Property.